The Institute strongly supports collecting data and generating better theories about income and wealth. We use a multidisciplinary approach, casting a wide net to better understand these issues which sit at the heart of contemporary economics.
What is “capital”? To Karl Marx, it was a social, political, and legal category—the means of control of the means of production by the dominant class. Capital could be money, it could be machines; it could be fixed and it could be variable. But the essence of capital was neither physical nor financial. It was the power that capital gave to capitalists, namely the authority to make decisions and to extract surplus from the worker. Read more